LEGAL PROCEDURES FOR MERGERS

& AMALGAMATION

PRESENTED BY ANAND MARDA

Legal Procedures

Procedure for Merger & Amalgamation(1) Scheme of amalgamation

APPOINTED DATEEFFECTIVE DATE

(2) Approval of Board of Directors for the scheme(3) Approval of the scheme by specialized financial

institutions/banks/trustees for debenture holders(4) Intimation to Stock Exchange about proposed

Amalgamation(5) Application to Court (6) High Court directions for members’ meeting(7) Approval of Registrar of High Court to notice for calling

the meeting of members/ creditors

(8) Dispatch of notices to members/ shareholders(9) Advertisement of the notice of members’

meetings(10) Confirmation about service of the notice(11) Holding the shareholders’ general meeting

and passing the resolutions(12) Filing of resolutions of general meeting with

Registrar of Companies(13) Submission of report by the chairman of the

general meeting to Court

(14) Submission of Joint petition to court for sanctioning the scheme

(15) Issue of notice to Regional Director(16) Hearing of petition and confirmation of

scheme(17) Filing of Court order with ROC by both

the companies(18) Transfer of the assets and liabilities(19) Allotment of shares to shareholders of

transferor company

(20) Listing of the shares at stock exchange(21) Court order to be annexed to

memorandum of transferee company(22) Preservation of books and papers of

amalgamated Co.(23) Withdrawal of the Scheme not

permissible

MERGERS AND ACQUISITION IN INDIA

Largest M&A Deals in India1. Tata Steel-Corus, $12.2 billion2. Vodafone-Hutchison Essar, $11.1 billion3. Hindalco-Novelis, $6 billion4. Ranbaxy-Daiichi Sankyo, $4.5 billion5. ONGC-Imperial Energy, $2.8 billion